Portfolios

Our AdvantHedge gross composite lost 1.6% in November, lagging the inverse performance of the S&P 500 (+0.3%) and NASDAQ (+1.3%), but outpaced the inverse of the Russell 2000 (+3.3%).

Select Industries gross composite gained 5.1% in October and is up 2.8% YTD. Global Industries (based on Global Industries, L.P. gross return) gained 5.4% in October, lagging the MSCI ACWI (7.9%).

Select Industries gross composite lost 2.4% in September, performing in-line with the S&P 500 (-2.5%).

Global Industries (based on Global Industries, L.P. gross return) lost 2.2% in September, beating the MSCI ACWI (-3.6%).

The MTI ratio started the month with a neutral reading and subsequently plummeted into negative territory, where it remains today. We are maintaining a defensive position and cut equity exposure to 35%, down from 38% in early-August, and 48% in late July.